Exhibit 99.1
Gladstone Commercial Corporation Announces Monthly Cash Distributions
for July, August and September 2023 and Earnings Release and Conference
Call Dates for its Second Quarter Ended June 30, 2023
MCLEAN, VA, July 11, 2023: Gladstone
Commercial Corporation (Nasdaq: GOOD) (the Company) announced today that its board of directors declared cash distributions for the months of July, August and September 2023 and also announced its plan to report earnings for the
second quarter ended June 30, 2023.
In an effort to increase retained capital in anticipation of further economic headwinds, the board of directors
has taken what it believes is the prudent path and in support of the capital preservation effort, the Companys investment adviser has agreed to amend the current Advisory Agreement to waive the otherwise applicable incentive fee for the
quarters ending September 30, 2023 and December 31, 2023. Buzz Cooper, the Companys President, stated, We believe that the additional temporary incentive fee waiver will further aid the Company in its capital preservation
effort and maintain its strong balance sheet through the remainder of 2023.
Cash Distributions:
Common Stock: $0.10 cash distribution per common share for each of July, August and September 2023, payable per Table
1 below. The Company has paid 222 consecutive monthly cash distributions on its common stock. Prior to paying distributions on a monthly basis, the Company paid five consecutive quarterly cash distributions.
Table 1: Summary of common stock cash distributions:
|
|
|
|
|
Record Date |
|
Payment Date |
|
Cash Distribution |
July 21 |
|
July 31 |
|
$0.10 |
August 23 |
|
August 31 |
|
$0.10 |
September 21 |
|
September 29 |
|
$0.10 |
|
|
|
|
|
|
|
Total for the Quarter: |
|
$0.30 |
|
|
|
|
|
Senior Common Stock: $0.0875 cash distribution per share of the Companys senior
common stock (Senior Common) for each of July, August and September 2023, payable per Table 2 below. The Company has paid 159 consecutive monthly cash distributions on its Senior Common.
Table 2: Summary of Senior Common cash distributions:
|
|
|
|
|
Payable to Holders of Record
During the Month of: |
|
Payment Date |
|
Amount |
July |
|
August 4 |
|
$0.0875 |
August |
|
September 6 |
|
$0.0875 |
September |
|
October 5 |
|
$0.0875 |
|
|
|
|
|
|
|
Total for the Quarter: |
|
$0.2625 |
|
|
|